THE ANALYSIS TRUST (CIO) REPORT AND FINAliCIAL STATE￿iE￿[s YEAR ENDED 31ST DECEMBER 2023 CHARrrY NUMBER.. 1195108 THE ANALYSIS TRUST (CIO) PAGE I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECBMBER2023 IIEPORT OF fFIE TRUSTEES The Trustees, preseot tILer amual report and fin8llcial statements for the year ended 31st December 2023. The fill￿¢1 8tAtements bave been prepar¢d in accorth¢e with the accounting ￿lIcIeS sel out in Dote I to the accoullts and comply with the c]wi￿S trust de£d. the ChaTities Act 2011 alld AccouDring Reponillg by Charities: Statetnent of ReConllne￿Ied Practice appli¢able to chariti¢s preparing th¢Èr accounts in accordance with th¢ Financi￿ R#porttng Stalth applicabb in the UK and Republic of treland i￿u¢d Oth)￿r 2019 (effective 1st Jjnuary 2019). CHANGE IN LEGAL STATUS Dumg 2021 the cbaTity cbanged its legal stabjs from an unincorpoTaled TrnsL constithted under a T￿￿t De¢d dated 1974, charity registration nun]ber 325126, to a ClwitLble Oryanisatson {CIOI, cknity ￿gis￿l0￿ number 1195108. The ¢hange to(Trk effect on 8th July 2021. at whiehpoint all ￿5¢￿. resources amdTights were trJnsfeThed to the CIO. The fonDeT llnillcoTpor8ted Tn￿t wa5 Closed OTA 8th Jvty 2021. OBJECTS AND ACTIvrtIES FOR THE PUBLIC BENEFrr The main obje¢t is the promotion and dis%￿]￿￿0￿ of philosophy of the kn1￿¢5t qualiry thr()ugb supporting systemati study ijf philosophy. The Trustses have published the journal'Anaty5iS' to prnvide additiOD41 fuDding to 5uppon and colltinue the fi]rtbgrance of their objets. There have be¢n no policy ehanges this year. We have ref£rred to the guidance contained ill the Charity Collthjigsion's g¢rL¢ral guidance on public benefit when ￿vIew)￿g our aitns and objectives Jnd in planning our ￿lUTe activttitr. In rArtioular. the T￿￿ consider hDW plauied aetiiities will contribut¢ to the aim5 and objectives theyhave seL GRANT mA￿G POLICY The Trust has eytablished its grdnt rDaking policy to td)ieve its objects for the publi¢ benefiL AClllEVF.MENTS AND PERFORMANCE During the year Tn￿te¢S noted that they7￿ made charitable grant pr4yTreDts &9 pu note 6. Dwing this year the TrLLstses are satisfied that they ha￿ continu￿1 to operate within their objectives. FINANCIAL IiEVIEW The CIO bad inco￿£ of £81,896 (2022.. £69.396) an exc¢ss of income over expenditure of £24,659 (2022.. excess vf 6xpenditur¢ over income £4.157). The vallle of investsnents Incre￿ by £69,123 (2022.. decrease of £35,056). INVESTMEKf POLICY It is the policy of the T[￿￿eeS to invest thEtr ￿eThe$ in a globally div¢rsified invesLment portfolio. Detsils andTatioDalt e gtven iu our policy d￿ument,Alla1yslS Inve5tJnent Poli*. RESERVES POLICY Sufficieut fifftd5 kept in investments to gellerdte adequate recurrÈng income to cover the recurring management aud athninistration costs. In addition surpluses of over expenditure are inve5t¢d in order to increase our fi expenditures on the charitable purpose5 of th¢ Trust Details attd tatiODal¢ are given iu our N)licy d¢xutnent'Analysis tnVe5tment Poli￿,. RISK MANAGEMENT Trustees periodically rEview risk aDd in the caTe of theirmain exposure (wbich lies in area of advancing technology aThd its iEtipact urx)n delivery) are constantly in touch with their publisbers to monttor the position. THE ANALYStS TRUST (CIO) PAGE 2 FINANCIAL STATEMENfs FOR THE YEAR ENDED 31ST DECEMBER 2023 REPORT OF THE TRUSTEES ..... PLANS FOR FUTURE PEIUODS The Conrnittee aiJDs to continue its clwitsble expelldith, while se¢uring the TTw¢5 long term incom¢ againstth¢ EiSk of diminiyhing inGome frorn OUP increased runnillg costs for the Journal. STRUCTURE GOvEP￿ANCE AND MANAGEMEN[ GOVERNfNG DOCUMENT The charity was originally forLu¢d under a TTWt De¢d iti 1974. It i5 now constituted as a Charilable Incorporated Organisation. There Shall bo llo more tkn 4 or less than 3 Trustees. Tn]stee5 have re5pon517)ility for thc custody of the assets of the ¢harity. The general Mallag￿t and wDtrol of the CIO is ve5¢ed in the Comtnittee of Analysis WI￿ appoint an Editor forthe journal'Analysis'. APPOINTMENT OF TRUSTEES The Coromittee of ADaI￿lS h&$ power5 to appoint or Temove TnEstees. TRUSTEE INDUCTION AND TRAtNtNG The nature of the C￿lty is such that Tn￿S ar¢ by vistue of ther occupations well versed in its charl￿S activities. The oDj￿1tree of Amlysis is responsible for ensuring that Trustees are fxmiliu Cbartiy Law aud regulations. ORGLNISATION The CIO is by the Trus¢ees who ￿e¢l annua]ty delegatAt]g the througb the S￿retsry of the management committee. Trustc¢s are appointed from aJry nLKuinations Tceeivbj by the Ma￿e￿ellI committee. Th¢ Tllwement commlttee ￿￿ke5 practical decisions in Telation to the activilles whi¢b are by th¢ Secretary. The mallY4geuwit ¢Ol￿nittee aT£ •id. Thc CIO is known throughout the athi¢ wDrld fw its work and makes the availability of awards known in its journal. Applications are scrutinis¢d by a C0￿milIeS and Jnade in aCcord8￿C with its views. KEY mANAG￿￿r RENU￿￿TIoN POLICY The Tn￿teeS ¢ollsidcr themselve5 as comprising the key uw)ag¢ment personnel of the CIO. All trustees give of their ti]ne freely and nv r¢munerntion was paid to Trustees. REFERE,NCE AND ADMINISTRATtVE INFORMATtON TRUSTEES.. Professor J Saul (Chair) Professor R Ke¢fe Profr550r N Shaekel COMMITTEE OF Ah'ALYSIS'. Dr C BessoD Dr D Debus Prof&%sor A Hil]s Dr J Holroyd Prof£*oF R HoltoD Dr G Kalwie Dr A Mahtr&ni Protsor H NooJL Professor R P¢ttiwv Drjway Profe&8or R Wedgwood Professor R Willtams Dr F WDvllard Dr J Suikkalle Profrssor M Massuni Dr R Zheng SBCREfARY ro THE TRUSTEES: Professor B Colbum PRtNCIPAL ADDRESS.. 7 Lindsty Pla¢e Gknsgow G120HU CHAEUTY REGISTRATION NUMBEIL. 1195108 THE ANALYSIS TRUST (C]01 PAGE 3 FINANCIAL STATEMEM FOR THE YEARENDED 31ST DECEMBER 2023 REPORT OF THE TRUSTEES .....JCONTINUFD BANKERS.. National Westini￿BankP1¢ 10 Ben-y Street Cambridge CB2 3PU AUDITORS: PThti3 & Co LLP 115c Milion Road CambridgB CB4 IXE INVESTNtEifjfbL4NAGERS'. Cbarles knIEy & Co Limitrd RaveDyuoft House 59-61 R¢gent Sts¢¢¢ Cathidge CB2 IAB TRUSTEES. RESPONSIBILITIES IN REIATION TO THE FffvANCIAL STATEMENTS The Trustee5 respon￿1)[¢ for preparing a TnJste¢s' ADJ)ual Re[￿ fitwJcia] strteDKnts io a¢¢ord2llce wlth opp]ir&bl law #lld United Kwgdom Accounting Statsdardq (United Kingthm GeDet8lly Acceptd Ac£ountiti8 Practicc). The law applicabl¢ to chariiies ill EnglaDd aud Wales requirc5 th¢ cknaritvTn￿eS to prep&r¢ fjtwici)I stttements for ea¢h ar wbi¢b give a lrne attd fttir view of the 5Late of affairs of the thartty aDd ofthe inwujingresources 3tsd 4)plicatioDS of r¢sources, of th¢ cbarity tr th&t peri¢￿. In prepaTiDgthe fjDanciai 3ts1Ell￿ts. the Trusttes to: - 5¢1e¢t suitable ac¢oLthtiDg policies and thcn apply the￿ c[￿si - obs¢rv¢ ¢be inethods 8]0 pri￿c[PIc5 ID ttke 4ylicablt Cb￿ltieS SORP - ￿ake judg¢ments aud ¢5tiuLots th81 ate reasonabk and PTudEnt . state whether applicabl¢ ￿coUnting $raDd￿ll% have beell followe¢ subj￿ to any materiBI rf2rArtt￿ dI￿10S¢d and explaitLed in th¢ fioallcia15trtemetsis . prepare the fnaucia] stat¢Dwnts on tbe going concern b*sis UDle&s ti is tDapprDprÉat¢ to thatthe charity will eoniinue in business. The Trt]st¢es rwon5ible frrkeepiDg a¢¢ovotiog records that disclosewtth r¢asotsable at ally titne fillanGial Posltioll of th cbarityaDdtO ¢DabSe them to ett%ure thal the fjnallcial slatern￿ ￿Mply￿￿t￿the ChaTitieg Att 2011, the plicable Clwitie5 (Accoullts and Repon5) Regu]atiorLs, and the pn>1￿10￿$ of the Tr￿# deed They a]so respoDsibie for Safeguardi￿ the a55ets of the cknrity Fjjd for tsktugr¢35QTwble 5t¢P5 fDrthe P[tv¢￿]￿L and ddrBtionof fra￿1 3ud other irregUl￿lti¢Y. Th6 Trustt¢s are respJTJsiTrle for the mainteD8nce and illwity of thc dwtty and fllJancTal infgmiation yocluded OD the charit)Ps website D awwdaDG¢ With legisl8t1(￿ ID thE United Kiu8dDm gowDiDgtheprcp8Mion alld of financial St￿te￿eTrts. Approved by the Tnthtees on and sigDed on Iheir bdw]fby. J SAUL TRUSTEE THE ANALYSIS TRLST (CIO) PAGE 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 INDEPENDEKI AUDITOR'S REPORT TO THE TRUSTEES OF THE ANALYSIS TRUST (cio) OPINION We have audited the finan¢ial statements of The AD&lysis Trust (CIO) for the year ended 315t DecernbeT 2023 wtiich omprise of the Statullent of FiDan¢i81 Activities, tbe Balance She¢L Ststement of Ca5b Flows and Dotes to the SnaTrcial statements. The fin￿ela1 reporting fr￿lew0￿{ thatba5 been applied in their preparation is applic&ble law and United Kingdorn Accoullting Stattd&rds, including Financial Reponing Standard 102 The Finaucial Repofting StaDdard applicable in the UK aud R¢public of Ir¢land' (United Kingth)]n Genernlly Accepted Accountiug Practice). In our opinion, the fit]allcial statemellts: give a true fair view ofth¢ state of the chArilY5 affairs 08 &t 315t DeCe￿b¢r 2023, and of its swplus for the ￿ar then ended,. - have been properly prepared in accordall￿ withullxted Kingdorn Gffleralty Accept￿ AccDunting Pra¢tice" and - have been prepared in aecordancg with the requirettients of the Chartti¢s Act 2011. BASIS OF OPINION W¢ conducted OUT audit in accordanc¢ with Internati(KAal Stsnilards on Auditing (UK) USAS IUK)) aud applicabl¢ law. Our reswnsibilities underthose Standards are firther desmThed in the AuditoV5 responsibilitie5 for the audit of the frwcial stsiemetLts section of our report. We are i]Jdepeudenl of the thrity in accordance with the etlLical requir¢m¢nts tbat are relevallt to our audit of the fill￿claI s(atenKuts in th£ UK including the FRC'S Ethical S￿drt 2Jd the provisions available for small entitAe5, in th¢ c]r¢Un￿tances set out ID note 7 ts) the fjnancial Stat¢￿ents, and we h&ve fulfilled our other ethical responsibilities in accordance with these requirements. We believe thAt the audit evidence we have obtsined is sufficient and appropriate to provid¢ a b&sis for our opinion. CONCLUSIONS RELATJNG TO GOING CONCBRN Jn auditing tbe fllwcial 5tthments. we have concluded that the tnjstees ￿￿e of the going concern ba&is of accounting in the prep8rdtiorA of th¢ financial ststernents is appropriate. Based on the work we bave perfoTTD¢(L ￿ have not ideniified ally ￿￿terIal wicertainties relaingto events or condition8 tba¢ individu￿LY or collectivety may cast Signifi￿ doubt on the charl￿S ability to continue as a going for a period of at least twelve from th¢ f￿￿la1 stalements are authwised foT i￿ut. Our responsibilities alld the responsibilRties of the trustees with TESF¢¢t to going con¢¢rn are described ill the relevdnt sectious of this report. OTHER tNFORMATION The other information wmprises the infornjattoll included in the Trustecs. knual Repor¢ other thaD the fm&ncial S￿eMentS alld our &uditols retM)rt thereon. The trustees ar¢ responsible for thE other information. Our opinion on the fjnancial statements does not cover the other inform8tion an& except to the extent otherwise explicitly stkted in our repoT( we do not expre55 forni of ￿suranCe conclusion thereon. Ill collDection with our audit of the financial statements, our responsibility 15 tu read the othEr tnformaiion in doiijg so, consider whether the other infoTJllation i8 mat¢rA&lly incon￿lstent witb the financial ststements or our knowl¢d8E Obtsi￿d in the audit or otherwise appear5 to be ti￿18[[y misstated. If we idelltify such material inwDSiStettcies or apparent ￿￿terial misstatements. Th¢ are required to detennine whether ther¢ is a EtRt¥rial misstalemeni iti the financial tht¢￿ents or a materia] missi8tement of the other iDfoTmation. I£ based on tbe WO￿ we have perforrne￿ we ￿nclud¢ that thEre i5 a rnatrJial misstatement of this otber inforn)&ti￿ we are required to report tbat facL W¢ have nothitig to report in this regard. THE ANALYSIS IRUST (CEO) PAGE 5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ANALYSIS TRUST (cio)..... coNr mA￿ERs ON WEllCH WE ARE REQUIRED TO REPORT BY EXCEFtION We have notbing lo report in respect of the following motteTS whue the Chartties Act 201 I us to Teport to you if, An our opinion.. tbe llrfottt￿tl0ll given ill the Truyt¢es' Annual Report is iDconsistellt ID any material E¢sp¢d with the financial statemellts. or the charity bas not kept adequate accountiDg rKords,' or . tho financial 5tatrm¢nt$ are not in weeukeDt with the accounting r￿OrdS and returns. or - wc have not received all the Info￿1￿ aod explanations we require for our audiL RESPONSIBILITIES OF TRUSTEES As explained￿ore fully in the truste&s' restx)nthilities statemfflrt iD thc Tr￿steeS, R¢5ponsli )ilities statenjellt on page 3, the tn]stees ar¢ respoDsibl¢ for the prepatotion of the fiDancial statements and for being satisfied that th¢y give a ttue and fdir view, and foT sucb internal control as the tru*¢eg detennine is necessary to e4hAble the preparation of flnancial stsiemeuts that ar¢ free from matcritil misst&temenL whether due to fraud or error. prq)aring the fin8uoia] 5tstemtnts. the are re5poDsible for &85e55ing the charitys ability to continue as a going concern, di$closin& as appli￿ble, matteTS related to gotng ¢on¢em and the going concern basi5 of acGWitiug unless th£ trustees eithw intend to liquidate the chartty or to cease operations. or bave no reaiiSEi¢ alternative but to do so. The tnts5 have elected for the finauci&l thtements kn be audited in accord￿ with the Cbarities Act 2011. Ac¢ordingty. we have been appoint¢d 8$ auditor under section 144 ofthe Charittes Act 2011 aDd rEPOn in ￿0rdallee with regulations under section 154 of that ACL AUDtTOR'S RESPONSIBILIT￿ FOR THE ALTrr OF THE F￿ANCIAL STATEMENts Ow objectives to obtssn [￿ollable a￿llr￿nce aEout wheth¢r th¢ fmancial 51atemernts as a whole are free fro￿ material misstatement. whether due to fraud or error, and to issue a Rewt of the Auditors that in¢lud¢s our opinion. ReasoDable ÈS5rnce is a l)igb lev¢1 of &&%ur2llee. but is not a gU￿￿e that audit CODductcd in accordance with ISA'S ILIKI will always detect a Tnaterial misstatemeDi when it ¢Xi5ts. Missiate￿t￿ts can arÈ5e from fraud or error and collsid￿ed twiterial if, individualty or in th¢ aggrtgate, they could ￿SOnabl}, be exE*cted to Tnflu¢nce thE economi¢ decision5 of US¢TS tak￿ on the basis of these r]nancial Stat¢ll￿ts. ITregularities, ill¢ludllw fraud, are iDStances of non-co￿p￿Iallce with laws and regutations. Th¢ primary reswnsJTrility for th¢ P￿VentiOn ktKI detection of irr¢gularities iucluding fraud rests with the manageujeut 8tMI those thaJged with govertwice of the charity. We de5igll procedures in line OUT respoT]sil)ilitie& outlitrd above, to detect Tnat¢riEd misstatem￿ts in r6spect of irregularities. including fraud. The extrnt to which our pr(KedutES are capabl¢ of detecting irregularities, including fraud is detailed below.. We have considered tbe nature of the industy and sector. control environ￿Ent laws and regul&tiony and busi￿esS perfo￿[￿1¢¢ of the clwity, inclwling the cbaritys rernunerdtion polioies. and regulations cottsidere41 includ¢(L but WEre not lirnited to, the Chariti¢5 Ac¢ and ChariÉi¢s SORP We have enquired with the management ID regards to th¢ir owll asse5smfflt of the risks of itregulartties. incluthng fraud. We a150 enquired of management And those clwged with goveEDauce &g to ally knowo iDStances of non~cornpliw or suspected noD-cowliance with laws and regulatio[￿. We obtained relevant do¢utnentation and representstioDs in ordet to forni an OPTnion on potential irregulariti&8, including fyaud. We wisideredthe oppoFtimities and incentive5 that may exist within the o[ga￿lsatiOn for frau(L Basedon this understanding, we dE5iguEd specifiG audit procethwe5 10 identify instauces ofnon-compliall¢e with laws and regulations, including obtaining additional corroborative evidence as required Examples of proc¢dures included reviewing large ￿￿￿$Ual traDsactkoDs and reviewing large and Unexpected vJriallr&s. THE ANALYSIS TRUST (CIO) PAGE 6 FINANCJAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 tNDEPENDENf AUDITORS, ItEPORT TO THE TRU'STEES OF THE ANALYSIS TRUST (CIO)..... CO There are inherent liwTrtations in the audit procedures descnThed on page 5, not least ￿ sampling is Used ￿der International Auditing Staudards, therefore not a]1 transactions are reviewThL ThLYefor¢ there is a risk we will not Iktect all irregularities including those leading to a materiaI rnis5taiement ID the fin8n¢ial statements or non-eompli8nc¢ with re8uLatioDS. The risk of not detE¢tillg a material misstatement due to fraud ￿ also higberthan th¢ risk of not d¢t¢¢ting one from error. as fraudn involve dehl¢rat¢ contea]]nent by, for example, forgery, Collusio￿ omission or iDtentional misrepresentation. AUDITOR'S RBSPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS In addition, we considered PTONiSiODS of other laws and regulation5 which do not have a direct effect on the financial Stat¢￿ellts, but ¢ompliance whtch may be fundwentsl for the dwity 10 operate. Relevant identifjed laws alld regulations were cornrnunic8ted Wbthin the ¢llwdgemeTrt tt4m so they rEW4ined Jjert throughout the audit ft)r indications of fraud nott-c0mpllar￿. A firtber description of our Te5ponsli)ilities forth¢ auditof the financia] 51at¢rnents is located ou the Financial Reportin8 Council'5 wpbsite at wWw.frc.org.uklaudttorsrup)nsi￿I1ities. Thi5 description forn￿ part of ow Report of the Auditors. This report is ll￿le sol¢]y to the charitys trustees a5 a EM)dy. in ￿cOrd￿nee with Secti(w 144 and 145 of Clwities Act 2011. Our &udit work has been Undertake￿ so that might sLaE to the ¢h8JTty'$ trustees those matters we aTe required to state to tbem in an auditorf5 rcport and for no other purpose. To the fidlest extent per￿itted by law, WE do llot acGept or &ssume respoDsibility to anyone other than the ¢haTity and the as abody, for audit worK for this repaffj or for ibe opinions we bave fomied. NtCIEL A PRENTIS FCA {Senior Stafutory Audtior) FOR AND ON BF.HALF OF PIiENTIS & CO LLP CHARTERED ACCOtrNTANTS & STATtrtORY AUDITORS 115G MiltOD Road Cambridge CB4 IXB Prcntis & Co LLP 1% eIigible to act ￿ all auditOT ill tem]s of section 1212 of tb¢ CompaDies Act 2006. THE ANALYSIS TRUST (CIO) PAGE 7 F￿ANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 STATEMENT OF FINANCIAL ACTtV]TtES Notes Unrestricted UnTestricted Totsl 2023 2022 INCOME FROM: Investment incom¢ CkwitablE activities 7.900 73.996 1,414 67,982 TOTAL tNCOME 81,896 69,396 EXPENDITURE ON.. Charitable Activitiss - Journal cxpenditure - S￿dentships and gTants TOTAL EXPENDrruRE 27,436 29,801 38,099 35,454 57.237 73.553 NET INCOfrfEI(EXPENDtriJl a￿0E￿t to 5•h or mor¢ of the mats value 8re as follows.. Ordin￿Y and Preferenc¢ Shares 149 Vanguard Inveslment knies Japan Fndex Instl Plus 885 V8Dguard Investment UK US Eq Insil Plus 289 Vanguard Inveslmellt5 UK txd FTSE Dev fnstl Plu5 275 Vanguard Jnvesllnellt S¢Tie5 EM Stock Ind¢x Plus 2023 5.45°h 2022 5.16Y. 10.73Yo 7.50Dh ANALYSIS OF CURRENT ASSETS 2023 2022 41,738 52,324 46,746 29,922 Casb at bank 94,062 76,668 10. ANALYSIS OF CURRENT LIABILrriES Cr¢d5tors due within one year. Accnth15 2023 2022 3.770 5.518 RBCONCILIATION OF NET MOVEMENT tN FUNDS TO NET CASH FLOW FOR OPERATtNG ACTIVtrIR8 2023 2022 Net movement in fioKIs D¢du¢È InV¢st￿ent income shown in investing activiti£g Deduct gains OD investTnentS Decrease in dd)tor5 (D¢crea5C)lin¢re￿ in CTtditor5 Net cash used in 0￿￿ting activities 88.265 (7.9001 (63,606) 5,1)08 (1,748) 20.019 (74,023) (1.4141 69,866 7,919 518 2.866